9 steps to creating a successful business — Business model canvas explained
What is a business model?
It is a plan you create for the successful execution of business, for example, What are the value proposition, how is the revenue generated, who are the key partners.
Why do we need a business plan?
- Easy to manage business
- it gives you a flexibility
- Easy to communicate
- Easy to understand using canvas
- Possibly you can stop what can go wrong.
9 segments of business model canvas
- Value proposition : what are your products or services? What is the job you get done for your customer?
- Customer segments : Who are your customers ? How do you identify them? .
- Channels : How do you communicate with your customer? How do you deliver the value proposition?
- Customer relationships : How does this show up and how do you maintain the relationship?
- Revenue streams : How do you generate revenue for the business?
- Key Resources : The people, knowledge, and money you need to run your business
- Key Activates : What do you do every day to run your business model?
- Key Partners : partners without them you can’t run business.
- Cost structure : Revenue generated, expenditure of the company .